CHARLESTON, W.Va. (AP)
Posted: 7:45 AM May 9, 2009
Last Updated: 5:56 PM May 8, 2009
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A A A Russian mining and metals company Mechel OAO says it has completed the acquisition of Appalachian coal producer Bluestone Industries and several associated companies.
Moscow-based Mechel said Friday the deal includes Dynamic Energy, JCJ Coal Group and several subsidiaries.
Mechel announced in April it had agreed to buy the companies for $436 million cash, 83.3 million preferred shares of stock, and the assumption of $132 million in debt.
Beckley-based Bluestone Industries is the parent of Bluestone Coal. It primarily produces coking coal used by steelmakers to fire blast furnaces.
Friday's announcement comes a day after Bluestone's former owner announced the purchase of The Greenbrier, an internationally known resort in West Virginia, from CSX Corp.
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